Hi guys and welcome to the simple swap cryptocurrency exchange in this video. We will guide you on how to buy wrapped bitcoin in just a few simple steps using our platform. So, let’s roll first, let’s take a closer look at the wrapped bitcoin project. Wrapped bitcoin is a tokenized version of bitcoin that runs on the Ethereum blockchain. In simple words, it is an erc20 token that is backed one-to-one by bitcoin.
The key advantage of the project is that it enables bitcoin holders to use tokenized bitcoin in Ethereum power, decentralized applications and traded on decentralized exchanges. The wrapped bitcoin project was launched in 2019 with the main goal to bring bitcoin’s liquidity to the decentralized ecosystem on Ethereum and enhance all decentralized applications. Developers say that the rapid bitcoin project will remain a firmly community-led initiative into the future, focused on driving continuous innovation. For the enhancement of the entire ecosystem, nowadays, wrapped bitcoin is among the top 20 cryptocurrencies by market. Capitalization sounds cool right.
Wrapped bitcoin is definitely worth their attention ready to get some WBTC tokens to start with selecting the coin that you want to exchange in the US and section. Using the drop-down list, you can also use the search bar just start typing. The name of the cryptocurrency or its sticker. Next, enter the amount you would like to exchange now, select wrapped bitcoin in the you get section. You can also use the search bar after that.
You will see the estimated amount of WBTC or receive please note that there is a minimum amount for every exchange do not send an amount less than the minimum one. Then you need to enter the recipient’s wrapped. Bitcoin address, be extremely careful and double-check. Your wrapped bitcoin address your WBTC tokens will be sent to this address right after the exchange. Alright, now all the necessary details for the exchange are entered once again.
Make sure that all the data is correct if everything is okay, click the exchange button and you will be forwarded to the exchange page at this stage, the status of our exchange is waiting here. You will see the address to send the indicated amount of Kusama to continue the exchange.
You can use the QR code to speed things up after we have received the deposit to our address and the transaction has the required amount of confirmations. The status will be indicated as exchanging, which means that your exchange is in progress. While our system is sending you wrapped bitcoin the status changes to send it, and you will only have to wait for a little for the tokens to reach your address now.
That’S it! Your exchange is completed and you can see the indicated status as finished. In most cases, the exchange process usually takes up to 30 minutes, see how simple it is in case you have.
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